The corporate watchdog has gone to ground over speculation it is reviewing client files of dealer groups linked to failed agribusiness firms Great Southern and Timbercorp.
Industry sources claimed ASIC began a broad sweeping review in September last year of client documents from Australian financial services licensees (AFSL) with exposure to the agribusiness firms.
One source claimed the regulator requested a list of advisers with exposure to the agribusiness firms, asking for particular files on age and demographics.
Another source backed up this claim, suggesting ASIC's call for specific client details would be used to determine whether the advisers used a one-size-fits-all advice model.
ASIC refused to confirm or deny a review was underway, stating it was not in a position to comment.
However, a number of industry participants confirmed they were consulting with ASIC over a review.
"ASIC has made an inquiry for information relating to investments in agribusiness managed investment schemes - Great Southern and Timbercorp," an AMP spokesperson said.
"AMP is responding to the inquiry."
Professional Investment Services (PIS) also confirmed it had been liaising with the regulator regarding the agribusiness collapses.
"ASIC asked us for a number of files last year," PIS chief executive Robbie Bennetts said.
"I don't have any feedback about that yet. But I think that's just a normal part of business for ASIC."
Parliamentary Joint Committee (PJC) on Corporations and Financial Services chair Bernie Ripoll said it was important for ASIC to remain vigilant in its policing of the industry.
"I think that is part of ASIC's role and I welcome that they are doing that," Ripoll said.
"It's important for ASIC to continue its role as the policeman on the beat and that's what it is doing, and I welcome that and encourage ASIC to continue its good work."
In October last year, he claimed the collapse of Great Southern and Timbercorp wiped out more than 50 per cent of their market.
"I don't want to play down how seriously important they were - the collapse of Great Southern and Timbercorp took out over 50 per cent of the market in that particular sector," he said at the time.
More than 60,000 investors have lost their funds, have funds tied up in the courts or are yet to lose their funds.
However, while investors' financial loss was of concern, the agribusiness sector's greatest loss was investor confidence, which Ripoll said is something that might be irreversible.
"The damage the collapse of those two particular organisations has done to that sector is not quite irreversible but it is massive, it's on a large scale," he said.
"I assure you when we get the data back in from that sector there will be almost nobody reinvesting in that sector because of those two particular collapses."
On 23 April 2009 Timbercorp went into administration and on 16 May 2009 Great Southern followed suit.
